Please note that any Assignments submitted after the above mentioned time

Information Technology for
Accountants
BAC11A&B
Assignment 2 (100 marks:25%): Individual
assignment
You need to submit this Assignment by 11:55 pm Friday 3rd August 2018.
Please note that any Assignments submitted after the above mentioned time
will incur a penalty of 25% marks every day up to Sunday 5th August 2018
11:55 pm :
Instructions:
 This is an assignment.
o Please ensure that your submission must be your own
original attempt.
 Student answers and submissions are required to be completed as
follows:
Please check the Assessment tab on your Moodle site. Please click on the
Assignment link (BAC11 A) Assignment2 18T2 Darazi and upload the following
files one after another

  	.myo file .box file Transaction Journal Report
  	Standard Balance Sheet Report Profit and Loss (Accrual) Report Ratio Analysis Excel
	Word Report
	PowerPoint slides

 Due date for this assignment is 11:55 pm Friday 3rd August 2018:
o Late submissions will be subject to a 25% reduction in
marks obtained.
 Results for this assessment will be released at the end of week 13
Please remember that you need to upload one file at a time and then you only get one
attempt to submit your Assignment. You can see a list of files you have uploaded before
you can click on the confirm button to submit your Assignment. In-case you missed to
upload any of your files, you can click on the Edit Submission button and upload any
missing files.
If you do not have MYOB Version 19 on your personal computer, then you can use the
computers in the student area on Level 10 at UBSS or the Computer Lab on Level 11
provided there is no other classes running at that time.
I hope you will have no problems in completing this Assignment.
Best of Luck!
Fadi Darazi
Question 1
Part 1: Create a company
Create a company file with for “Exercise Equipment Retailer”, details of the business are as
follows:

Name of company:	Your Personal Gym-studentID&Name (Insert your student number and name)
Address:	233 Castleroyal Street, Sydney, NSW, 2000
ABN Number	12378945611
Financial year end:	2017
Last month in the financial year	June
Conversion month:	July 2016
Industry classification:	Retail
Type of Business	Sporting Goods Dealer

Part 2: Enter Opening Balances in the General Ledger
Enter the following Trial Balance as at 1st July 2016 using ‘Accounts’ in Easy Setup Assistant:
Part 3:
Set up
Customers and Enter Opening Balances for Customers (Accounts Receivable/Debtors)
Enter the following customer accounts, using ‘Sales’ in Easy Setup Assistant, using ‘Item’
layout for balances as at 1 July 2016:

Card ID	Customer Name	Balance	Date of Transaction	ABN
CU1	Iris Resort Ltd	$20,500	1st June 2016	98765432198
CU2	Zone Fitness Ltd	$15,500	9th June 2016	09876123451

 

Account Name	Debit (Dr)	Credit (Cr)
Cash at Bank / Cheque Account	80,000
Accounts Receivable Control / Trade Debtors	36,000
Inventory Control / Merchandise Inventory	65,200
Prepaid Insurance	10,000
Store Equipment at Cost	210,000
Accumulated Depreciation – Store Equipment	21,000
Accounts Payable / Trade Creditors	48,700
GST Collected	6,000
GST Paid	4,400
PAYG Withholding Payable	6,500
Interest Bearing Loans / Other Long term Liabilities	80,000
Owner’s Capital	193,400
Retained earnings	50,000
Total	405,600	405,600

Part 4: Setup Suppliers and Enter Opening Balances for Suppliers (Accounts
Payable/Creditors)
Enter the following supplier accounts, using ‘Purchases’ in Easy Setup Assistant, using ‘Item’
layout for balances as at 1 July 2016:

Supplier Code	Supplier Name	Balance	Date of Transaction	ABN
SU1	Be Healthy Ltd	$29,700	16th June 2016	98976754523
SU2	Stay Fit LTD	$19,000	1st June 2016	32154365476

Part 5: Set up Inventory Items and Entry of Opening Balances for Inventory items
Enter using ‘Items List’ and ‘Adjust Inventory’ in the Inventory module for opening balances 1
July 2016:

Inventory	Suppli er	Quanti ty	Unit cost (Including GST)	Total Value (ex GST) $	Selling Price (ex GST)	Selling Price (Inc GST)	Account
IT1 – Bench Press	SU1	80	$352	$25,600	$500	$550	1-1300
IT2 – Cable Machine	SU2	110	$396	$39,600	$590	$649	1-1300

Part 6: TRANSACTION PROCESSING PROCEDURES
Part 6.1 Supplier (purchase) transactions
Enter July 2016 transactions for the Purchase of products:

2 July 2016	Received invoice from SU1 for 140 units of IT1 @ $352, received into the warehouse at a total cost of $49,280 including GST.
4 July 2016	Received invoice from SU2 for 200 units of IT2 @ $396, received into the warehouse at a total cost of $79,200 including GST.

Part 6.2 Customer (sales) transactions
Enter July 2016 transactions for the sale of products:

10 July 2016

Sold 26 units of IT1 on account to CU1 for $550 per unit including GST, and 29 units of IT2 for $649 per unit including GST.

 

12 July 2016	CU1 returned 1 unit of IT1 purchased on 10 July and a credit note was issued and settled.
15 July 2016	Sold 5 units of IT2 @ $649 and 12 units of IT1 @ $540 for Cash to CU2, customer paid same day.
17 July 2016	Sold 45 units of IT1 for $550 per unit incl GST and 160 units of IT2 for $650 per unit incl GST to CU1
20 July 2016	Sold 90 units of IT1 @ $560 for cash to CU2, paid today, total sales $50400.
30 July 2016	Sold 110 units of IT2 @ $649 to CU1

Part 6.3 Cash Receipts
Enter July 2016 Cash receipt transactions:

3 July 2016	Customer CU2 paid $15,500, the balance of the account as at 30 June.
20 July 2016	Customer CU1, paid $53,071, the balance of the account as at 30 June and the invoice dated 10 July 2016, and the credit note was applied against that invoice.
25 July 2016	Customer CU1 paid $128,750, the balance due on the 17th July 2016 invoice .

Part 6.4 Cash Payments
Enter cash payments to Suppliers:

10 July 2016	Paid SU1, $29,700, being previous month balance (chq. #10331).
11 July 2016	Paid SU2, $19,000 being amount owing as at 1st July. (chq. #10332)
28 July 2016	Paid SU2 $40,000, being a part payments towards the amount owed (chq. #10334).

Part 6.5 Cash Payments
Enter cash payments:

16 July 2016	Paid Rent $6,600 incl GST (Chq. #10333).
19 July 2016	Paid Office Supplies $3,300 incl GST (Chq. #10334).
21 July 2016	Paid Telephone $3,520 incl GST (Chq. #10355).

Part 6.6 Record journal entries

31 July 2016

Store Equipment is depreciated at 1% of original cost per month – calculate the amount and enter the journal entry (tax code N-T). Save it as recurring.

Part 6.7 Accounting reports – to show your work for all of the above:
On MYOB: (65 marks)
Produce the following accounting Reports for the period of 1st July to 31st July 2016 and
save them onto your USB or Desktop (ensure you have selected the correct date
period):
▪ Trial Balance as at 1st July 2016 (15 Marks)
▪ Transaction Journal Report of the month of July 2016 (30 marks)
▪ Standard Balance Sheet Report as at 31 July 2016 (10 Marks)
▪ Profit and Loss (Accrual) Report for the month of July 2016 (10 Marks)
On Microsoft Excel: (25 marks)
• Enter the data of the Balance Sheet report and the P&L Report into the same
Excel spread sheet
• Calculate using Excel Formulas the following Ratios: (make sure you use
cell reference for calculations and not values)
1. Current Ratio
2. Inventory Turnover
3. Average Days in Inventory
4. Debt to Total Assets Ratio
5. Gross Profit Rate
On Microsoft word: (5 marks)
▪ .Write a report (200 words maximum) to evaluate the Liquidity, Solvency and
Profitability of the business using the ratios you calculated on Excel.
On Microsoft PowerPoint: (5 marks)
Prepare 1 to 2 slides to present the report you prepared on Word. Use bullet points
(Make it look pretty )
VERY IMPORTANT:
▪ Please upload the following reports and files by clicking on the Assignment link
(BAC11 A) (BAC11 A) Assignment2 18T2 Darazi Assessments Moodle.

  	. myo file .box file Transaction Journal Report
  	Standard Balance Sheet Report Profit and Loss (Accrual) Report Ratio Analysis on Excel
	Microsoft Word Report
	PowerPoint slides

▪ Ensure your name & student number are in the name of all Reports.
— END—
Best of Luck!
Fadi

The post Please note that any Assignments submitted after the above mentioned time appeared first on My Assignment Tutor.

• • Assignment status: Resolved by our Writing Team
  • Source@PrimeWritersBay.com

GET THIS PAPER COMPLETED FOR YOU FROM THE WRITING EXPERTS  CLICK HERE TO ORDER 100% ORIGINAL PAPERS AT PrimeWritersBay.com

• • • • NO PLAGIARISM